When cryptocurrencies took another leg lower this month following the collapse of Terra’s algorithmic stablecoin and its floating balancer token, Luna, familiar questions surfaced about
Month: May 2022
The Shock That Surely Isn’t ‘Priced In’
If you were so inclined, you might argue that two of this year’s three shocks are already “in the price,” so to speak. Regular readers
Bulls, Bears And Animal Spirits
It’s not technically a bear market. At the worst levels on Friday, the S&P was nearly 21% below its January 3 record close, but thanks
S&P Bear Market: What If Jeremy Grantham Was Right?
I’ve talked quite a bit about valuations lately. Specifically: How far and how fast they’ve come in. 2022’s stock selloff is a multiple compression story.
The Week Retail Died
This week will go down as one of the most abysmal stretches ever for US retailers. Shares of Ross were on track for their worst
China’s ‘Record’ Rate Cut And Xi’s Mission Impossible
“China cuts a mortgage reference rate by most on record.” Sounds dramatic, no? Unfortunately, the reality doesn’t quite live up to the headline. Banks did
‘Unambiguous’ Buy Signal Overshadowed By Stagflation Reality
The stock market “basically dropped by one US economy in six months,” BofA’s Michael Hartnett said, marveling at the scope of the collapse in global
US Stocks Could Fall 40% In Worst Case, Deutsche Bank Says
If the current malaise on Wall Street is a non-recession correction, it’s an unusually long one. “Corrections outside of recessions typically ended in three months,”
Goldman’s Clients ‘Constantly’ Asking About Recession
“A recession is not inevitable,” Goldman’s David Kostin reiterated, in a new note. “But clients constantly ask what to expect from equities in the event
Fed’s George Talks Stock Selloff. McElligott Sees ‘Real-Time Downshift’
“Bleeders all over the place,” Nomura’s Charlie McElligott said Thursday, as the recession choir sang. He noted Fed speakers emphasizing the Committee’s intention to get
Existing Home Sales Drop Again. More Declines Called ‘Imminent’
More cracks in the foundation? Or perhaps it’s “just a supply thing.” You can write your own script, but existing US home sales fell more
Expectations Crash In Poor Philly Fed Survey
Strike up the recession band. Just three days after Empire manufacturing plunged the most since the early days of the pandemic, the Philly Fed gauge
Kohl’s Mine Canary
Normally, I wouldn’t dedicate space to Kohl’s earnings, but considering this week’s retail wipeout and the macro implications, the company’s quarterly results (which one industry
Fatalism Sets In: ‘It No Longer Makes Sense To Own Stocks’
“This call has proved wrong,” said Eric Johnston, head of equity derivatives at Cantor. “It no longer makes sense to own equities.” The recant at
‘Aha!’ Moment Razes Fed’s Soft Landing Fable
“Hedge fund hell.” “$34 chicken wings?” “El-Erian says US can’t avoid stagflation.” “Americans more stressed about money than ever.” “Vast swath of US at risk
Load More
